The Council today extended the mandate of the EU Advisory Mission in support of Security Sector Reform in Iraq (EUAM Iraq) until 30 April 2022.

The mandate, which was due to expire on 17 April 2020, was prolonged following the assessment of Iraqi needs. The mission will continue to provide advice and expertise at strategic level on the implementation of civilian aspects of Iraq’s security sector reform.

Moreover, EUAM Iraq will for the first time set up a project cell for identifying and implementing projects. The project cell will also play a key role in coordinating, facilitating and providing advice on projects implemented by EU member states and partner countries.

EUAM Iraq is based in Baghdad, and the mission’s overarching task is to support coherent implementation of the civilian related aspects of the Iraqi National Security Strategy and the security sector reform. This process, supported by several international partners, involves support to institutional reform and efforts to help counter terrorism (including countering violent extremism) and organised crime, with specific reference to border management, financial crime in particular corruption, money laundering and trafficking of cultural heritage goods.

EUAM Iraq is mandated to advise officials of the Office of the National Security Adviser and the Ministry of Interior who are responsible for driving the reform. The mission also regularly conduct visits at regional and provincial levels in support of Iraqi efforts to strengthen countrywide coordination as it relates to civilian security sector reform.

The Mission was launched on 16 October 2017 following a request from the Government of Iraq for support.

The European Insurance and Occupational Pensions Authority (EIOPA) is currently seeking applications for its two Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group and the Occupational Pensions Stakeholder Group. 

In light of the challenges and difficulties caused by the Covid-19 pandemic, EIOPA has decided to extend the deadline for interested stakeholders to submit their application.

The new deadline for applications is now Sunday, 19 April 2020, extended from 13 April.

Learn more and apply

Today, the European Insurance and Occupational Pensions Authority (EIOPA) has published an Opinion on the supervision of remuneration principles in the insurance and reinsurance sector.

The Opinion addresses how to ensure consistent practices in the application of the remuneration principles included in Solvency II.

While the Solvency II framework provides for provisions of remuneration for sound and prudent management, the remuneration principles defined in the Delegated Regulation are high-level and leave considerable discretion to undertakings and supervisory authorities.

This Opinion gives guidance to national supervisory authorities on how to challenge the application of certain principles.

To promote a proportionate approach, the Opinion focuses on those staff identified as potential higher profile risk-takers. In this way, EIOPA aims to avoid creating further administrative burden.

The Opinion supports the convergence of national supervisory practices and contribute to a smooth functioning of the internal market, in line with EIOPA’s tasks to ensure an effective and consistent level of supervision in order to guarantee a similar level of protection for policyholders and beneficiaries at EU level.

Read the opinion

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The Hague, 7 April 2020

With the support of Eurojust, authorities in Austria, Bulgaria, Germany and Serbia have successfully carried out operations against two organised criminal groups (OCGs) suspected of large-scale investment fraud in cyber-trading. In spite of the challenges of the current coronavirus crisis, an action day took place on 2 April, with all participants adhering to the measures imposed to prevent further contagion. During the first operation, four suspects were arrested in Bulgaria. In Germany, EUR 2.5 million were frozen on the bank account of a company involved in the fraud scheme. The Serbian authorities arrested five suspects and searched nine places, seizing five apartments, three cars, a considerable amount of cash, and IT equipment. Additionally, more than 30 bank accounts were put under surveillance. Based on the information gathered during the action day, authorities engaged in another operation against a company in Belgrade on 4 April, arresting one suspect and seizing servers, other IT equipment, and documents. Eurojust, the EU Agency for Criminal Justice Cooperation, actively supported the judicial cooperation and coordination. Europol provided information exchange.

The operations were part of an ongoing long-term investigation conducted by several national authorities. According to the investigations, the OCGs lured thousands of victims in several countries into investing in non-existent financial products. Throughout Europe, advertising banners and mass emails promising above-average profits encouraged investors to register on unlicensed online trading platforms for a EUR 250 fee. They were then contacted by so-called agents or brokers operating from call centres who announced the opportunity of even higher profits, seducing victims into transferring more money to various accounts or releasing the debiting of additional amounts from their credit cards. Subsequently, the perpetrators simulated the alleged trading of financial products, misguiding the victims with fake positive outcomes displayed on the online trading platforms. In reality, no actual trading took place. Instead, the money was distributed to a large number of participants in a complex money laundering network installed across Europe. The companies at the end of this chain were under the control of the criminals, allowing them to withdraw the funds for themselves.

Thousands of investors suffered a complete loss of their money. In Germany, for example, the Bavarian Central Office for the Prosecution of Cybercrime at the Bamberg General Prosecutor’s Office registered hundreds of victims and damages exceeding EUR 10 million. In Austria, the Central Prosecutor’s Office for Combatting Economic Crime and Corruption reported around 850 victims, with presumed damages of at least EUR 2.2 million. The total damage caused by the OCGs exceeds these figures, given that the perpetrators targeted people in numerous countries in Europe and beyond. Furthermore, investigators assume a high number of unreported cases, since many investors may have mistakenly considered their losses a result of the high risks associated with the trading of certain financial products.

Eurojust assisted the investigations by funding a joint investigation team (JIT), as well as organising both a coordination meeting at its premises in The Hague and a videoconference. During the action day, a coordination centre at Eurojust ensured judicial support and effective exchanges of information and evidence. The action was successfully carried out by the Austrian Central Prosecutor’s Office for Combatting Economic Crime and Corruption, the Bulgarian Specialised Prosecutor’s Office, the Bavarian Central Office for the Prosecution of Cybercrime at the General Prosecutor’s Office in Bamberg, Germany, the Special Prosecution Office for High-Tech Crime of the Republic of Serbia and the Department for International Cooperation and Mutual Legal Assistance of the Republic Public Prosecution Office of the Republic of Serbia. Europol provided information exchange.

Photo © Serbian Authorities